Gray Television, Inc. (NYSE:GTN) Plans Quarterly Dividend of $0.08

Gray Television, Inc. (NYSE:GTN) declared a quarterly dividend on Friday, November 8th,Zacks Dividends reports. Shareholders of record on Friday, December 13th will be paid a dividend of 0.08 per share on Tuesday, December 31st. This represents a $0.32 dividend on an annualized basis and a dividend yield of 7.48%. The ex-dividend date of this dividend is Friday, December 13th.

Gray Television has a payout ratio of -49.2% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities analysts expect Gray Television to earn ($0.86) per share next year, which means the company may not be able to cover its $0.32 annual dividend with an expected future payout ratio of -37.2%.

Gray Television Stock Down 26.1 %

Shares of GTN traded down $1.51 during trading on Friday, reaching $4.28. The company’s stock had a trading volume of 7,068,845 shares, compared to its average volume of 836,385. The company has a fifty day moving average of $5.30 and a two-hundred day moving average of $5.46. Gray Television has a twelve month low of $3.95 and a twelve month high of $10.07. The company has a market cap of $426.59 million, a price-to-earnings ratio of 61.15, a P/E/G ratio of 0.14 and a beta of 1.47. The company has a quick ratio of 1.63, a current ratio of 1.63 and a debt-to-equity ratio of 2.98.

Gray Television (NYSE:GTN) last posted its quarterly earnings results on Friday, November 8th. The company reported $0.86 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.94 by ($0.08). The firm had revenue of $950.00 million for the quarter, compared to analyst estimates of $967.49 million. Gray Television had a net margin of 1.84% and a return on equity of 3.02%. The business’s revenue was up 18.3% on a year-over-year basis. During the same period in the prior year, the company posted ($0.57) earnings per share. On average, sell-side analysts predict that Gray Television will post 4.37 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on GTN shares. Wells Fargo & Company dropped their price target on Gray Television from $6.00 to $4.00 and set an “underweight” rating on the stock in a research report on Friday, August 9th. Guggenheim dropped their price target on Gray Television from $12.00 to $10.00 and set a “buy” rating on the stock in a research report on Wednesday, August 14th. Finally, Benchmark lowered their price objective on Gray Television from $13.00 to $11.00 and set a “buy” rating for the company in a research note on Friday, August 9th. Two analysts have rated the stock with a sell rating, one has given a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $8.33.

About Gray Television

Gray Television, Inc, a television broadcasting company, owns and/or operates television stations and digital assets in the United States. It also broadcasts secondary digital channels affiliated to ABC, CBS, NBC, and FOX, as well as various other networks and program services, including CW Plus Network, MY Network, the MeTV Network, Circle, Telemundo, THE365, and Outlaw; and local news/weather channels in various markets.